Stem Applauds Passage of Inflation Reduction Act Pivotal for the U.S. Energy and Renewables Industry
Stem (NYSE: STEM) announced the anticipated signing of the Inflation Reduction Act (IRA) by President Biden, which will significantly impact clean energy investments. CEO John Carrington highlighted key benefits, including a new 30% tax credit for standalone battery storage projects and an extension of the Solar Production Tax Credit. These provisions aim to boost investment certainty and affordability in energy markets, crucial for transitioning toward cleaner energy. Stem plans to support stakeholders through educational webinars regarding IRA implications for clean energy projects.
- 30% tax credit for standalone battery storage projects enhances investment opportunities.
- Extension of Solar Production Tax Credit increases incentives for solar energy facilities.
- None.
“At Stem and AlsoEnergy, we view the investments in clean energy within the Inflation Reduction Act (IRA) as transformational for our country, the energy industry, and our company as we continue to accelerate the clean energy transition,” said
As part of IRA, the following incentives will be in place for 10 years and may be extended until power sector emissions fall by
-
Standalone Storage Investment Tax Credit (ITC): New tax credit of
30% for stand-alone battery storage projects. Previously, tax credits were limited to storage projects that were attached to solar. IRA also provides additional credits when projects meet requirements such as domestic content, citing in “energy communities”, and prevailing wage and apprenticeship provisions. -
Solar Production Tax Credit (PTC): Extends the current solar PTC framework for facilities that begin construction prior to
January 1, 2025 , and sets requirements for additional qualifying credits.
To help developers, owners, and EPCs plan for IRA’s passage, Stem’s clean energy and policy experts are hosting a webinar, “What the Inflation Reduction Act Means for
NOTICE: This content is preliminary and is provided for informational and planning purposes only regarding the potential passage of the Inflation Reduction Act. This does not constitute legal, tax, regulatory, policy, or other advice or guidance. The provisions in legislative bill text require further clarification and guidance by executive branch, regulatory, and other agencies.
About Stem
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation, and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. Stem is also a leader in solar asset management, bringing project developers, asset owners, and commercial customers an integrated solution for solar and energy storage management and optimization. For more information, visit www.stem.com.
Source:
View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005241/en/
Stem/AlsoEnergy Media Contacts
Suraya Akbarzad, Stem
press@stem.com
jessica.fishman@alsoenergy.com
Stem Investor Contacts
IR@stem.com
(847) 905-4400
Source:
